<p>Liquid rocket engine is one of the most critical systems in a launch vehicle and its reliable performance is vital to mission success. Any failure in a liquid rocket engine could directly impact the success of a mission and the reliable performance becomes crucial especially for a crewed flight where the safety of the crew is of utmost priority. In such missions, quantifying the risk to the crew is essential, as it allows for a comprehensive understanding of potential contributing factors. Probabilistic Risk Assessment (PRA) is a comprehensive, structured, and logical risk assessment technique widely used in complex technological systems like nuclear and space industries. In the current study, the PRA is conducted for a Gas Generator cycle-based liquid rocket engine that uses earth-storable hypergolic propellants. “Engine performance beyond limit” is considered as top event, which is then logically mapped to basic events using fault trees. The paper discusses PRA methodology adopted, the various phases of PRA, failure rate data for the basic events, and the results of the PRA.</p>